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Student Loan Debt Help 4 Ways To Complete Debt Elimination!

Student loan debt help, most students have no idea what their student loan debt elimination options are when they graduate and they have to start paying their student loan debt back.

With the average student debt at about $25,000 when students complete college, many students find themselves having difficulty making payments on their debts, especially with the current economic downturn and the scarcity of jobs for those between the ages of 20-30.

While national unemployment rates are at about 10% right now, the unemployment rates for those between age 20 to age 30 is above 30%, making it even more difficult for students that are working on managing student loan debt.

What Are Your Real Options For Repayment?

First, you need to take a look at the deferment and forbearance options that are available to you from the government today.

Your student loans are deferred until six months after you stop going to college full time. However, there are other instances where your student loans may be deferred as well.

If you are unemployed and looking for work, going through economic hardship, you are disabled, or you are involved in a rehab program for disabled people, then you may be able to defer your student loans.

In some cases you can get a forbearance on your loans as well. If you have unforeseen problems personally, your payments are more than 20% of your income each month, you are in poor health, or you can't pay off the loan within the maximum repayment term, then you may be able to get a forbearance from your lender.

Student Loan Debt Consolidation

Student loan debt consolidation is another thing to consider if you need student loan debt help. The government provides some great debt consolidation programs, which you can turn to if you have several loans.

Consolidation loans allow you to take all the loans and consolidate them into one loan. Usually you will get a lower interest rate, you will only have one monthly payment to worry about, and you probably will have a lower payment as well. If you are having a difficult time managing student loan debt, this may be a great option to consider.

Forgive Student Loan Debt - Ways Your Loans Can Be Canceled

There are some cases where the government may forgive student loan debt, and if you need student loan help, you need to know what conditions apply. If you end up being disabled permanently, your loans can be canceled.

Teaching to the needy, community service, certain health professions, or even working within law enforcement may be conditions that will help you have your student loans forgiven. If you think you may be eligible for cancellation of your loans, talk to your lender and find out if you qualify.

Debt Management and Debt Elimination Program Options

Last, you will find that there are debt management and debt elimination program options that you can consider if you need help with loans as well.

Student loan debt help is something many recent graduates are looking for after graduating. With the average student debt in the tens of thousands many look for a debt elimination program when managing student debts.

Today there are a variety of repayment options that you can choose from, some being based on salary while others may start out with you paying on interest only for some time. With some of the student loan debt elimination programs out there, you may also be able to lock in a fixed rate on loans to make it easier for you to eliminate that student loan.